The question is in the title:
$$ E[W|Z] = E[XY|Z] \stackrel{?}{=} E[X|Z]E[Y|Z] $$
$$\text{if}$$ $$ E[XY] = E[X]E[Y] $$ ???
$X$ and $Y$ are independent of each other, but neither is independent of $Z$. My basic stats are a bit rusty apparently...
The context is that I'm trying to implement a partially-linear model, and my parametric terms consist of interactions of a continuous variable $Y$ with a factor variable $X$. It would be very convenient to estimate the conditional expectations separately, especially since most entries of the matrix $W$ are zeros. But I am not sure whether this is kosher.